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Bid Up!

New York
Bid Up!
The Carlton Group's Howard Michaels, Michael Campbell, and Christopher Nickerson
Call it the eBay for real estate loan sales: The Carlton Group has created and launched a loan trading platform, called the “Carlton Exchange,” where you can bid in real time for over $2B in loan and REO assets. But you don't have to be in front of your computer to review due diligence information or bid, says chairman & CEO Howard Michaels (left, with colleagues Michael Campbell and Christopher Nickerson)—today's quick and savvy investor can bid from a smart phone, competing for deals from the green or poolside. More institutional sellers are coming to the market with the sale of non-performing and non-strategic assets, but this time with realistic pricing, so look for an increase in these transactions. The firm recently launched three new non-performing loan sales in Florida, valued at $700M.
The Carlton Group CEO Howard Michaels
Now we need a new verb for texting (+) investing. Invexting? Howard gives us a brief Carlton Exchange tutorial. The Carlton Group, which also arranges equity and debt for transactions, has a wide array of international and domestic investors and funds who are looking to partner with operators to make off-market acquisitions or buy their loans back at a discount. He particularly sees more unconventional capital coming to the market, especially private equity and high-net worth individuals who haven't purchased real estate before. They're feeling that the market has bottomed out, and they want to invest before prices rise too much. There's a steady flow in multifamily and hospitality, as these markets are particularly hot.